Investore Property confirms guidance for FY19 annual cash dividend

Wednesday 27th June 2018

Investore Property told shareholders it will focus on potential acquisition and development of adjoining and adjacent properties, redevelopment for so-called brownfields — contaminated and underused industrial and commercial properties — as well as a potential share-buyback programme.

At its annual general meeting for shareholders, the Auckland-based large-format retail property investor managed by Stride Property confirmed guidance for an annual cash dividend payment of 7.46 cents a share for its fiscal 2019 year.

The company’s $738.3 million portfolio comprises of 40 properties and 78 tenants including General Distributors (Countdown supermarkets), Bunnings, Foodstuffs, Mitre 10 and The Warehouse.

"The total portfolio amounts to 48.3 hectares of land zoned for commercial use and the current buildings occupy less than of this, at 43 percent site coverage," Philip Littlewood, chief executive of Stride Investment Management, told shareholders. "So, while these properties are currently leased with 99.9 percent occupancy, underpinning Investore's income is a significant commercial property portfolio that can respond to possible future changes in our tenants' requirements and the retail landscape."

Shares of Investore, which operates exclusively in the standalone large format retail segment of the commercial property sector where returns are typically highly resilient across a wide range of market conditions, last traded at $1.49.

The stock has gained more than 13 percent in the past year.

(BusinessDesk)

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